We will walk you through the process of preparing for your loan application as well as teaching you how to boost your chance of getting approved.
We offer a wide variety of Real Estate Products.
Make sure you know your credit score before filling out a loan application. Your credit score reflects your payment history, credit utilization, and other factors that determine how attractive you are to lenders. A score of 580 is required for an FHA loan by most lenders while a score of 620 is require for a conventional loan.
You may consider applying for an unsecured loan if you need small business funding with a short repayment period.
As unsecured loan do not require collateral, If you are seeking a larger more secured business loan from a bank or similar lender, you should assess the value of your collateral before applying because the individual value may be reduced by 50%.
If you are considering a business loan, it pays to shop around. Approaching your bank is not your only option.
The process of obtaining a loan is typically difficult and requires loads of paperwork. Additionally, the application processing time can take weeks or even months.
At Lime we pride ourself in our lightening fast turn around time for mortgages, clocking in at 15-20 business days while our term loans fund in as little as 7 business days with an even faster 48 hour processing time for our revenue based advances.
Compare loans from as many lenders as possible. To determine the financing term, fees, penalties, and interest rate (APR).
If you decide to obtain a loan, be sure to calculate the total cost and make sure your budget can accommodate your monthly payments.
To get a loan for my business, what documents do I need?
You should find out what documents each lender requires once you have narrowed down your options to a shortlist of possible lenders. Banks usually have stricter requirements and require more documentation, whereas online business loan applications are typically made by filling out an online form.
When applying for a business bank loan you'll be required to provide bank statements up to 6 months worth and tax returns covering the past two years. A good rule of thumb is to have your bank statements available, an A&R report, and profit and loss statement along with your ID and copy of a voided check, make sure they are in order when contacting a lender for the best and fastest experience.
You will need to send us a few documents after you have completed our online application.
It might be necessary for us to collect:
Up to six months' worth of bank statements for your business
Statements from these banks should include:
✔️The Account name and the registered address (where possible).
✔️The account number.
Latest full unabbreviated accounts
The accounts must include:
✔️Detailed profit and loss
✔️Balance sheet information
Since you've picked your lender and have all the data you'll require, it's an ideal opportunity to apply for your business funding. The application cycle will be quicker and less upsetting in the event that you have every essential documents close by, all set.
Pick your moneylender and business advance cautiously, as being turned down may badly influence your business FICO assessment score.
Note that qualification checkers may give a sign of whether their application will be a hard or soft pull, and whether that check will influence your FICO rating.
A few lenders require weeks or even a very long time to think about business funding applications. Numerous web-based banks will give your a decision very quickly and will deposit your funds into your account around the same time the application is approved.
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